On June 30, 2025, the Securities and Exchange Commission’s (SEC) Division of Corporation Finance (the Division) revised two and eliminated one of its Compliance and Disclosure Interpretations (C&DIs) related to the disclosure of environmental proceedings under Item 103 of Regulation S-K. These changes updated Questions 105.01 and 105.03 pursuant to the August 2020 modernization of Items 101, 103, and 105. The Division also withdrew its previous guidance that administrative or judicial proceedings arising under “local provisions” in Item 103(c)(3) encompass environmental actions brought by a foreign government.

The EPA announced on June 11 its intention to repeal three rules under the Clean Air Act that regulate emissions from power plants. This move comes as part of the Trump Administration’s broad energy and regulatory policy shift aimed at expanding domestic energy production, reducing regulatory burdens, and ensuring affordable, reliable energy, as outlined in Executive Order 14154— “Unleashing American Energy” and Executive Order 14156— “Declaring a National Energy Emergency” issued in January 2025. Critics of the Administration’s strategy fear that adverse impacts may result to the energy industry, public health, and the climate.